Tip jar: Watch that debt load

Here’s some advice from a local lender to buyers who are already thinking ahead to home furnishings and a ride to park in the garage:

Nowadays, once a loan is approved, Fannie Mae wants us to repull people’s credit to see if they’ve started increasing their monthly debt load. We don’t pull for a credit score, but if it looks like the monthly debt load is increased by more than 10 percent, the note may need to be reunderwritten, and in some cases approval could be withdrawn. So once people start their home-buying process, they shouldn’t buy the furniture, they shouldn’t buy that new car, they shouldn’t get the new Home Depot credit card until after they close.

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